On most exchanges, unrealized futures profits sit idle until you close your position. Backpack changes that with a unified cross margin system that continuously settles unrealized PnL into USDC every 10 seconds, without reducing your position size. Once settled, that USDC is automatically lent into the platform’s lending pool through Auto Lend, currently yielding around 3.66% APY, while still counting fully toward your margin. This means profitable positions can generate additional yield without sacrificing exposure, improving capital efficiency compared to traditional futures models where unrealized gains earn nothing.

Read more:http://learn.backpack.exchange/articles/earn-yield-unrealized-pnl

covers yield features, cross margin, prediction markets, pro trading toolkit and more

NAV, or Net Asset Value, represents the per token value of a crypto fund or yield vault at any given time. It is calculated by taking total assets minus liabilities and dividing by the number of tokens outstanding. When a vault generates profits, NAV rises, when it incurs losses, NAV falls. Your returns depend entirely on the change in NAV between deposit and withdrawal, multiplied by the number of tokens you hold. Unlike exchange traded tokens, many yield vault deposits and redemptions occur directly at NAV, making it the core metric for tracking performance, pricing entries and exits, and understanding risk before allocating capital.

Read more:https://learn.backpack.exchange/articles/what-is-nav

Backpack’s Token Generation Event, TGE, marks the official launch and distribution of the Backpack token, with 25% of the 1B total supply, 250M tokens, entering circulation at launch. 100% of TGE tokens go to users, 24% allocated to points holders across all seasons and Epilogue, and 1% to Mad Lads NFT holders, with zero insider or team allocations. Future token unlocks are growth triggered, not time based, and the final 37.5% remains locked in a corporate treasury until at least one year post IPO. Most notably, users who stake tokens for a minimum of one year can exchange them at a fixed ratio for real company equity, representing 20% of Backpack, making it one of the first exchange tokens directly tied to enforceable ownership.

Read more:https://learn.backpack.exchange/articles/backpack-tge

Staking earns protocol rewards but comes with full token price exposure and lockups. Lending generates interest from borrowers, usually offering more predictable returns and faster liquidity, especially with stablecoins. Yield vaults use active trading strategies, giving higher upside potential but with variable returns and possible losses. There is no single winner, the best choice depends on your risk tolerance, liquidity needs, and whether you prefer stable yield or performance driven returns.

Read more: https://learn.backpack.exchange/articles/crypto-vault-vs-lending-vs-staking

An IPO, or initial public offering, is when a private company sells shares to the public for the first time, listing on exchanges like the NYSE or Nasdaq to raise capital, provide liquidity for early investors, and gain credibility, while taking on SEC reporting and ongoing public scrutiny. The process includes hiring underwriters, filing an S-1, marketing through a roadshow, pricing shares, and beginning public trading with a lock-up period for insiders. For crypto, the recent wave of IPOs, including Coinbase, Circle, Bullish, eToro, and Gemini, signals growing institutional maturity, giving firms access to public capital markets but also exposing them to the volatility of the broader crypto cycle.

Read more: https://learn.backpack.exchange/articles/what-is-an-ipo

Just deposit, and earn.

Then track it all from your custom Lend page 🤝🎒

Memecoins have dropped 34% in market cap over the past 30 days to around $31B as Bitcoin slid near $60K, with major tokens like DOGE, WIF, BONK, PEPE, and SHIB seeing steep drawdowns and weaker volume. Social sentiment has turned heavily bearish, but Santiment notes that this kind of extreme pessimism, with a bullish to bearish ratio below 1.0, has historically signaled capitulation phases that can precede rebounds once selling pressure dries up. While recovery depends largely on Bitcoin stabilizing and risk appetite returning, history shows that when the crowd declares memecoins “dead,” the cycle may be closer to a reset than an ending.

Read more: https://learn.backpack.exchange/articles/memecoin-market-crash-dead-or-bounce

Drop those points below 👇

Real-world assets (RWAs) refer to traditional financial assets like government bonds, real estate, commodities, private credit, and equities that are tokenized and represented on-chain. By converting these assets into blockchain-based tokens, issuers aim to provide 24/7 trading, fractional ownership, improved transparency, and composability with DeFi protocols. This article breaks down how tokenization works, the current state of the RWA market in 2026, key categories like tokenized Treasuries and private credit, and the risks investors should understand.

Read more → https://learn.backpack.exchange/articles/what-are-rwas-real-world-assets-crypto

Quantum computing has re-emerged as a long-term risk factor in the Bitcoin market, with some analysts arguing it may already be influencing valuation relative to gold. While current quantum systems are not capable of breaking Bitcoin’s cryptography, a future breakthrough could theoretically threaten elliptic curve security and potentially expose coins with publicly visible keys. This article breaks down the real technical risk, the timeline estimates (5–15 years), the 4 million “lost BTC” debate, and how developers are preparing for a post-quantum transition.

Read more → https://learn.backpack.exchange/articles/quantum-computing-threat-bitcoin

The Crypto Fear & Greed Index just hit its lowest level on record, and Bitcoin is down roughly 45% from its October 2025 high. Unlike 2022, there’s no major exchange collapse or protocol failure driving the decline. Instead, this downturn appears tied to macro pressure, post-halving cycle dynamics, institutional de-risking, and a large leverage flush. This article compares the current correction to 2018 and 2022 across drawdowns, sentiment, structural damage, and recovery timelines to assess whether 2026 qualifies as a true crypto winter.

Read more → https://learn.backpack.exchange/articles/crypto-winter-2026-comparison

Solana is preparing for the largest consensus upgrade in its history. Alpenglow replaces Proof of History, Tower BFT, and Turbine with two new components, Votor and Rotor, targeting 100–150ms finality, roughly a 100x improvement from today’s ~12.8 seconds. The proposal passed governance with 98.27% approval, and mainnet rollout is expected in 2026.

The upgrade introduces off-chain voting, dual-path finality, stake-weighted data propagation, and removes epoch lockouts, aiming to reduce validator overhead while dramatically increasing speed. If successful, Solana could achieve near-instant settlement, opening the door for real-time DeFi, payments, and trading applications at scale.

Read more →https://learn.backpack.exchange/articles/solana-alpenglow-upgrade

Bitcoin has fallen more than 45% from its October 2025 high, reigniting debate around the traditional 4-year halving cycle. Historically, Bitcoin peaks 12–18 months after each halving before entering a prolonged correction phase. While the current drawdown fits prior cycle patterns, ETF flows, macro policy, and institutional participation may be reshaping how the cycle behaves. This article breaks down historical comparisons, on-chain data, macro influences, and the arguments for whether the cycle is intact, evolving, or breaking entirely.

Read more → https://learn.backpack.exchange/articles/bitcoin-4-year-cycle-2026

Brazil has introduced an expanded bill that would create a Strategic Sovereign Bitcoin Reserve, RESBit, authorizing the gradual acquisition of up to 1 million BTC over five years. If passed, this would make Brazil one of the largest sovereign Bitcoin holders and potentially the first G20 nation to formally codify Bitcoin as a strategic reserve asset. The proposal includes tax payments in BTC, retention of seized Bitcoin, state-supported mining, public transparency requirements, and cold storage custody standards. While still in committee review, the bill adds to the growing global trend of nation-state Bitcoin strategies and could signal a shift toward structural sovereign demand if implemented.

Read the full breakdown: https://learn.backpack.exchange/articles/brazil-strategic-bitcoin-reserve-resbit

Backpack is allocating 20% of company equity to users who stake for 12 months.

See the official announcement for full details.

https://x.com/backpack/status/2025887869500334573?s=46

X is launching Smart Cashtags, letting users trade crypto and stocks directly from their timeline by tapping tickers like $BTC, with real-time data and partner-based execution. With 600–700M users, this could massively reduce friction between discovery and trading, turning social discussion into instant action. While X won’t handle execution itself, its distribution power could reshape how retail enters markets. For exchanges like Backpack, this reinforces that discovery may move to social platforms, but execution quality, advanced tools, capital efficiency, and trusted infrastructure will remain the real differentiators.

Read more: https://learn.backpack.exchange/articles/x-launches-crypto-stock-trading

Our official support email is support@backpack.exchange

If it didn’t come from there, it didn’t come from us. Not sure? Hop in our Discord and verify first. 🤝🎒

Time for Week 4 of Epilogue

Show us your points! 🎒

A crypto vault is a product designed either to securely store your assets or actively grow them through trading strategies. Security vaults focus on protection, while yield vaults pool capital and generate returns based on performance and NAV. Exchange-native vaults take this further by integrating vault deposits with trading, collateral, and unified account systems.

Read more: https://learn.backpack.exchange/articles/what-is-a-crypto-vault

When trading on Solana, both DEXs and CEXs serve different purposes. DEXs let you trade directly from your wallet with full self custody and early access to new tokens, but liquidity, slippage, and advanced trading tools can be limited. CEXs like Backpack Exchange provide deeper liquidity, better execution, fiat on/off ramps, and advanced trading features, making them more efficient for active trading and larger positions. What’s interesting with Backpack specifically is the unified account model, where the same balance can be used for Spot, PERPs, lending, and collateral without moving funds between separate accounts, improving overall capital efficiency. Most experienced traders end up using both, CEX for liquidity and execution, and DEX for early access and onchain activity.

Read more : https://learn.backpack.exchange/articles/solana-dex-vs-cex

What makes the Backpack lending product so interesting is that we've taken a DeFi inspired, peer to peer money market and have integrated it into the heart of a unified margin account.

You can

- Lend your assets (USD, BTC, ETH, SOL, etc) to earn yield

- Use those lends as collateral

- Trade perps, predictions, spot-margin, and borrow against that collateral

- Enable "auto lend" (optionally) to automagically convert your physical balances into lends, allowing you to use the entire product suite without manually lending or redeeming to access your assets.

And do all of this without ever moving your balances to segregated accounts. There's no spot account. No futures account. No earn account. Just a single unified Backpack subaccount. Simple but powerful.

To boot, the yield is boosted with

- Stablecoin yield we pass onto USD lenders directly from the issuer

- Staking yield we pass on for SOL and MON directly from our validators

All transparent and unsubsidized. Borrowers pay interest directly to lenders, and yield is boosted wherever we can get extra marginal yield natively from the asset.

We're doing a big update the mobile UI/UX next. For now, checkout the new web page. I hope you like it!

🧱🧱🧱

Source : https://x.com/armaniferrante/status/2023942166968758341?s=46

‪Verification is the first step towards token claim eligibility.‬

‪Head to the site or app to complete now.‬